As you probably know, the $63 billion hedge fund Man Group acquired GLG Partners earlier this month.And today, a “handful” of sales guys were let go, including Martin Keller and John Bennett, the head of institutional sales and the head of UK distribution.
A source familiar with the fund (who’s been reliable in the past) tells us that the layoffs in the sales department are just the beginning.
Here’s what they said:
There will be a lot firings due to redundancy in the merger. 10% estimated.
Will more Man or GLG be cut? we asked.
Sounds like way more Man.
Can you give us a timeframe?
Of course, this is just an estimate at best, but layoffs make sense for the firm because they just recently completed their merger with GLG and job redundancies seem inevitable.
A spokesman from Man Group told us:
We have previously confirmed that GLG integration synergies are expected to annualise at about $50 million and be delivered over the next 12 months. Some but not all of these savings will be headcount related. This report is an unsubstantiated rumour, on which we have no further comment.
To read more on firms that are laying people off, click here to see which banks and hedge funds have been hit with job cuts recently >
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